VNO-PNNYSEReal Estate Investment TrustsUS GAAP · USD

Vornado Realty Trust

Vornado Realty Trust is a U.S.-based real estate investment trust that owns and operates office, retail, and mixed-use properties, with a concentration in the New York metropolitan area. Its portfolio also includes interests in select assets outside New York, including Chicago and San Francisco, and it conducts substantially all of its property business through its operating partnership.

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Revenue1,810m USD
+1.3 %y/y
Net income905m USD
+1,185.7 %y/y
Free cash flow1,258m USD
+134.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,000m USD2020: 1,528 m USD20202021: 1,589 m USD20212022: 1,800 m USD20222023: 1,811 m USD20232024: 1,788 m USD20242025: 1,810 m USD20251,810
RevenueOperating profit (EBIT)
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Business

Share of revenue
Office properties55 %

Leasing and operating office buildings, primarily in Manhattan and other major U.S. markets.

Retail properties15 %

Street retail, flagship stores, and retail components within mixed-use assets.

Development and redevelopment10 %

Ground-up development, repositioning, and redevelopment of existing properties.

Residential and mixed-use8 %

Apartment units and mixed-use assets that combine residential and commercial uses.

Property services and signage7 %

Building maintenance, cleaning, security, and signage-related income.

Other real estate investments5 %

Equity interests and other real estate-related investments, including unconsolidated holdings.

Products

Reported · share of revenue
86.1%8.7%FY2025100 %
  • Rental Revenue86.1 %
  • Building Maintenance Service8.7 %
  • Other4.6 %
  • Management and Leasing Fees0.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Vornado’s customers are primarily office tenants, retail tenants, and users of its mixed-use and residential properties, with demand concentrated in dense urban locations. The company also serves third parties through building maintenance, cleaning, security, and signage-related services. Tenant quality, lease terms, and location are central to who leases space and why they choose Vornado’s properties.

Office tenants

Businesses leasing office space in Manhattan and other core urban assets for location, prestige, and access.

Retail tenants

Merchants and brands leasing street retail and flagship space for visibility and customer traffic.

Residential tenants

Residents occupying apartment units in Vornado-owned residential properties.

Third-party service customers

External customers purchasing cleaning, security, and related building services from BMS.

Mixed-use and special asset users

Users of development sites, signage assets, and mixed-use properties tied to urban redevelopment.

Strategy

Vornado’s strategy is to concentrate capital in select urban markets, especially New York City, where it believes long-term value creation is strongest. The company seeks to buy and develop properties with upside to replacement cost and higher rents, while also recycling capital through asset sales and selective investments in real estate-related operating businesses.

Concentrate on New York City and other select urban marketsLong term

The portfolio is built around locations where long-term capital appreciation and rent growth are believed to be strongest.

Redevelop and reposition existing assetsMedium term

Upgrading and reconfiguring properties can improve leasing economics and unlock embedded land value.

Recycle capital through selective acquisitions and dispositionsShort term

Buying and selling assets helps fund development and maintain portfolio quality.

Maintain exposure to real estate-related operating businessesMedium term

These investments can complement property ownership and broaden income sources.

Geography

Vornado’s business is centered in New York City, especially Manhattan, where it owns a large portfolio of office, retail, residential, and development assets. It also owns meaningful properties in Chicago and San Francisco and has investments tied to the greater New York metropolitan area through Alexander’s. Geography matters because the company’s cash flows are tied to a small number of dense urban markets with distinct leasing, regulatory, and capital-market dynamics.

Risks

Vornado is heavily exposed to office real estate, so tenant demand, work patterns, and leasing conditions in urban office markets are central risks. Its development-heavy portfolio also creates execution risk from zoning, financing, construction costs, and timing, while interest rates and capital availability affect property values and funding flexibility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Office market demand decline1Development and redevelopment execution risk2Interest rate and capital market risk3Geographic concentration in New York City4Tenant collectability and credit risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Office market demand declineImpact: HighLikelihood: High

    Most NOI comes from office properties, so shifts in tenant space needs can pressure leasing and cash flow.

    Exposure: Approximately 78% of NOI from office properties in 2025

  2. Development and redevelopment execution riskImpact: HighLikelihood: Medium

    Projects can suffer from financing constraints, zoning delays, cost overruns, and leasing shortfalls.

    Exposure: Development sites and redevelopment projects across Manhattan

  3. Interest rate and capital market riskImpact: HighLikelihood: Medium

    Property values, refinancing, and acquisition economics are sensitive to borrowing costs and market liquidity.

    Exposure: REIT balance sheet and property valuation sensitivity

  4. Geographic concentration in New York CityImpact: MediumLikelihood: High

    A large share of assets and income is tied to one metro area, increasing local market and regulatory exposure.

    Exposure: Manhattan and greater New York portfolio

  5. Tenant collectability and credit riskImpact: MediumLikelihood: Medium

    Rental revenue depends on tenant payment performance and lease collectability assessments.

    Exposure: Office and retail lease portfolio

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Accounting

Judgemental items
Impairment of real estate and unconsolidated investments

Valuation depends on subjective assumptions about future cash flows, rents, cap rates, and hold periods.

Impact: Can materially affect asset carrying values and impairment losses

Tenant collectability assessments

Management evaluates whether substantially all lease amounts are probable of collection before recognizing revenue.

Impact: Can change rental revenue and receivable balances

Acquisition accounting for real estate

Transactions are often treated as asset acquisitions rather than business combinations because value is concentrated in property.

Impact: Affects transaction costs, basis allocation, and future depreciation

Lease revenue recognition

Rental income recognition depends on lease terms, concessions, and collectability judgments.

Impact: Affects timing and comparability of reported revenue

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Last updated: 24/09/2026